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Metals Industry News

Prices in the London Metal Exchange base metals complex became firmer on Tuesday May 14 when it was realized that the effects of proposed Chinese tariffs side-stepped the base metals to focus on imports of minor metals and ferro-alloys.

Markets were consolidating during morning trading on Tuesday May 14 after the previous day’s weakness that saw prices adjust to an escalation in the US-China trade war, with China retaliating by increasing tariffs on $60 billion worth of US imports. This saw risk-off and money move into haven assets, including gold.

Base metals prices on the Shanghai Futures Exchange were all down during morning trading on Tuesday May 14 with escalating trade tensions between China and the United States continuing to dent market sentiment.

China’s environmental watchdog will begin a new round of inspections across the country from Tuesday May 14, according to market sources, citing an unofficial announcement from China’s Ministry of Ecology and Environment last week.

China will implement import tariffs on over 5,000 types of United States' goods starting June 1, 2019, marking an escalation in the trade war between the two countries, the government announced on May 13.

Zinc’s three-month price on the London Metal Exchange fell by more than 2% at the close of trading on Monday May 13 following the fresh inflow of more than 8,000 tonnes into LME-registered warehouses in Europe.

The global alumina market may tighten in the coming month after around 1.7 million tonnes of Chinese alumina production was suspended on environmental infringements this month, sources told Fastmarkets on Monday May 13.

The International Wrought Copper Council (IWCC) has elected Dr Erwin Mayr, chief executive officer of the Wieland Group, to serve as chairman of the group, which is the international association for the copper and copper-alloy fabricating industry.

Copper concentrates treatment and refining charges (TC/RCs) in the Asia-Pacific region continued to fall last week, attributed to copper smelters rushing to make spot purchases during LME Asia Week in a tight global concentrate market and amid a number of major refined production expansions.

Base metals prices on the London Metal Exchange were collectively lower during morning trading on Monday May 13, with escalating trade tensions between the United States and China dampening investor sentiment and suppressing trading volumes.

With the exception of aluminium, base metals prices on the Shanghai Futures Exchange were down during morning trading on Monday May 13, with a further ratcheting up of US-China trade tensions stifling investors’ appetite for commodity investment.

Brazilian miner Vale sold its nickel products at an average premium of $202 per tonne over the London Metal Exchange benchmark price in the first quarter of 2019, the company said in an earnings report published on Thursday May 9.